All Forum Posts by: Braden Smith

The assessors websites in our area don't have much info on the property and they don't show the square footage. To get the true square footage you would need to measure it. If you have a Realtor they should be able to do this for you.

Hey @Tony Mounce. I can help you find multi-family properties. I work with investors all the time. Let me know if I can help.

It has become very difficult to find a good deal in our market. Our area is completely saturated with investors, which has squeezed margins making it more and more difficult to find a good deal and make a nice profit. For example, an off market seller I was in contact with sent me a picture not too long ago of all the postcards, letters and various pieces of direct mail he had received in about a 6 week time frame... there were about 25 of them! All the same yellow letter, we buy houses, etc, etc stuff.

At this point it is just about impossible to find a good deal on the MLS, and the competition for REOs of any kind is through the roof with multiple offers on every property driving up the price well over asking. In order to find a good deal you have to find it off market, but even then there are so many people doing this (wholesaling, bird dogging, etc) that it also has become very difficult to get a good deal from them as there is usually a few hands in the pot all wanting a piece of the action.

My suggestion is to do things differently if you want to find a good deal. And make sure you find a seller that truly needs to sell, not one that just wants to sell. They need to be a distressed seller with a real need. Once you find them create a win-win scenario for the both of you. Good luck.

Welcome to BP @Fletcher Artie. I'm a local Realtor and investor here in NOLA. If I can be of service let me know. Interested hear more from you...

I agree with @Kimberly Jones. 16 months on the market is a long time and from what I have seen and know, that means there is an issue with the property which is usually one of two things:  Either the flood insurance is too high or there is a significant issue with the property such as a structural and/or foundation issue. 

Do you have an accurate P & L statement for the property? Most investors in our market don't keep good records so getting all the income and expense info on multi-family properties is difficult and usually just an approximation at best.

Is your agent experienced enough with investment properties to guide you and get you this info? 

Are they speaking directly with the seller or with the listing agent? 

If the property is listed they are speaking with the listing agent as they are not allowed to speak with the seller.

If I read your posts correctly, you mentioned you have not even seen the properties yet? 

Without seeing the properties in person how do you know what condition they are in and how much money needs to be put into them?

Hi @Ruth Bayang

I'm a local investor savvy Realtor and investor. I can answer any questions you may have about our market, but I have to tell you... you may have already missed the boat and two years from now may be way too late . Our market has become completely saturated with investors. It has become pretty much impossible to find good deals on the MLS at this point. The off market deals are hard to come by and even they have small margins these days. @Kimberly Jones can fill you in also...

Try Home Bank. They are investor friendly. http://www.home24bank.com/about-us/locations.html

Depends on what you need... new construction, light rehab, heavy rehab, historic district, etc.  I can put you in touch with one that can handle whatever you need, but the recommendation depends on the type of job.

PS - beware of contractors in our area. Check their license status, make sure they are insured, and make sure they are in good standing or you could get taken for a ride. Our market is hot and everyone wants a piece if the pie if you know what I mean.

It's hard to find good deals in our market these days. Our market has become completely saturated with investors and wannabe investors thanks to all the so called "national gurus" hawking their products and seminars here for the past couple of years. 

I saw a picture the other day from a homeowner where he laid out about 20 marketing pieces he had received in the mail in the last month or so. There are too many people all looking/competing for the same deals, using the same marketing methods, and overbidding for properties. The best thing you can do is to try something different and don't do what everyone else is doing. For good deals you have to find the properties in the worst condition, but in a good area.

Hey @Britt Benson. Welcome to BP and a late welcome to NOLA. Glad to have you! I'm a local Realtor and investor. If I can answer any questions for you, feel free to reach out anytime.